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Mandatory offer for TMC Education closes with valid acceptances of 2.05%
THE mandatory takeover offer from the chief executive officer of real estate developer Fragrance Group for TMC Education Corporation has closed on Tuesday.
At the close of the offer, valid acceptances made up only 2.05 per cent of the total number of issued and paid-up ordinary shares of TMC, which brings the total shares owned, controlled or agreed to be acquired by the offeror to 53.05 per cent.
The mandatory unconditional cash offer from Singapore tycoon Koh Wee Meng was made through his investment holding firm JK Global Asset. This followed his acquisition of a 51 per cent stake in TMC Education from controlling shareholders Chin Kon Yuen and his spouse Yeow Cheng Khim at 6.75 cents per share.
The cash offer at 6.75 cents apiece was deemed "fair and reasonable" by ZICO Capital, the independent financial adviser engaged by the directors of TMC Education.